VOLUME NO. 1 (2011), ISSUE NO.

4 (AUGUST) ISSN 2231-4245

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A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
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Circulated all over the world & Google has verified that scholars of more than eighty-one countries/territories are visiting our journal on regular basis.
round !loor" Buildin# $o% &'(&-)-&" Devi Bhawan Ba*ar" JAAD+RI , &-. ''-" /a0unana#ar" +aryana" I$DIA
www%i1rc0%or#%in
C CC CONTENTS ONTENTS ONTENTS ONTENTS
Sr. No.
TITLE & NAME OF THE AUTHOR (S)
Page No.
1%
FDI TRENDS IN INDIA: A MULTI-DIMENSIONAL ANALYSIS
DR. K. R. PILLAI & DR. M. S. RAO
1
2%
BEHAVIORAL ANALYSIS OF THE FARMERS, AS END USERS, TOWARDS ORGANIC FERTILIZER: AN EMPIRICAL STUDY IN
BANGLADESH
MUJAHID MOHIUDDIN BABU
6
3%
ECONOMIC GROWTH NEUS TO PERFORMANCE OF BAN!ING SECTOR IN PA!ISTAN
SHAHZAD GHAFOOR & UZAIR FAROOQ KHAN
11
"%
BAN! CONSOLIDATION AND CREDIT AVAILABILITY TO SMALL AND MEDIUM ENTERPRISES: EVIDENCE FROM NIGERIA
DR. AHMAD BELLO DOGARAWA
1#
$%
STUDY OF LIN!AGE OF DIVERSIFICATION STRATEGY AND CAPITAL STRUCTURE OF FIRMS: A SURVEY
NEETA NAGAR
26
6%
A STUDY ON MONEY SUPPLY, INFLATION RATE AND GDP % AN EMPIRICAL EVIDENCE FROM INDIA
UMANATH KUMARASAMY
33
&%
MICROFINANCE FOR SME': PROSPECTS, CHALLENGES ( IMPLICATION
GAURAV SEHGAL & DR. ASHOK AIMA
3&
)%
TRADE ORIENTATION OF INDIAN INDUSTRIES
NAGENDRA KUMAR MAURYA & J. V. VAISHAMPAYAN
""
#%
GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON INDIAN INSURANCE INDUSTRY
S. H. ASHRAF & DHANRAJ SHARMA
"#
1*%
FOOD INFLATION IN INDIA- WHERE ARE THE PRICES HEADING+
DR. YASMEEN K. AOWTE
$&
11%
SOCIAL ENTREPRENEURSHIP % STUDY OF !AUSHALYA FOUNDATION
DR. SHILPA BENDALE & DR. ARVIND CHAUDHARI
61
12%
DYNAMISM OF INDIA,S FINANCIAL SECTOR DURING THE GLOBAL ECONOMIC RECESSION
DR. B. KUBERUDU & DR. T. V.RAMANA
6"
13%
MANAGING RELIGIOUS PHILANTHROPY FOR SOCIO-ECONOMIC DEVELOPMENT
BEERAN MOIDIN B. M. & DR. FAISAL U.
6&
1"%
INVESTMENT PROCESS OF VENTURE CAPITAL: AN EPLANATORY STUDY OF ANDHRA PRADESH INDUSTRIAL DEVELOPMENT
CORPORATION VENTURE CAPITAL LIMITED -APIDC-VCL.
DR. A. AMRUTH PRASAD REDDY & DR. S. RAGHUNATHA REDDY
&2
1$%
MICRO FINANCE LOANS % ENHANCING BUSINESS OR MEETING PERSONAL EPENSES+
ARADHANA CHOUKSEY & DR. YAMINI KARMARKAR
&)
16%
INTERNATIONALIZATION OF INDIAN BUSINESS: DRIVERS AND CHALLANGES
DR. VILAS M. KADROLKAR & SHREESHAIL G. BIDARKUNDI
)3
1&%
SME' IN THE ECONOMIC GROWTH OF AGRA: OPPORTUNTIES AND CHALLENGES -WITH SPECIAL REFERENCE TO AGRA SHOE
CLUSTER.
SHAVETA SACHDEVA & LAXMI R.KULSHRESTHA
#*
1)%
SAFE MANAGEMENT OF HEALTH CARE WASTE
DR. A. SHYAMALA
#"
1#%
POST MARITAL SEUAL ANIETY AMONG DOCTORS -A COMPARATIVE STUDY AMONG MALE AND FEMALE DOCTOTRS.
VIJAYA U. PATIL, CHANDRAKANT JAMADAR & RUKMINI S.
#)
2*%
CLIENTS SATISFACTION TOWARDS PRIVATE LIFE INSURANCE COMPANIES
DR. M. DHANABHAKYAM & M. KAVITHA
1*1
21%
RURAL ENTREPRENEURSHIP IN JAMMU AND !ASHMIR: OPPORTUNITIES AND CHALLENGES
DR. DARAKHSHAN ANJUM
1*$
22%
IMPACT OF DEMOGRAPHIC VARIABLES ON PERFORMANCE OF ENTREPRENEURS IN !ERALA
DR. R. JUBI
111
23%
MAR!ET ORIENTATION IN AGRICULTURE: CASE STUDIES OF DEVELOPMENT INTERVENTIONS IN INDIA
NISHA BHARTI
11)
2"%
TRENDS AND PATTERNS OF FDI IN INDIA: AN ANALYSIS
PRADEEP
126
2$%
THE NEW CONSOLIDATED FDI POLICY 2*11: WHETHER IGNORING SOMETHING IN ITS DRIVE TOWARDS BOOSTING
INVESTOR CONFIDENCE+
VAIBHAV CHOUDHARY & DEEKSHA CHAUDHARY
131
RE/UEST FOR FEEDBAC!
13"
VOLUME NO. 1 (2011), ISSUE NO. 4 (AUGUST) ISSN 2231-4245
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, ECONOMICS ( MANAGEMENT
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
www%i1rc0%or#%in
ii
CHIEF PATRON CHIEF PATRON CHIEF PATRON CHIEF PATRON
PROF0 !0 !0 AGGARWAL
)hancellor" 2in#aya3s 4niversity" Delhi
!ounder 5ice-)hancellor" uru obind Sin#h Indraprastha 4niversity" Delhi
67% Pro 5ice-)hancellor" uru Ja0bheshwar 4niversity" +isar

PATRON PATRON PATRON PATRON
SH0 RAM BHAJAN AGGARWAL
67% State Minister for +o0e 8 9ouris0" overn0ent of +aryana
5ice-President" Dadri 6ducation Society" )har:hi Dadri
President" )hinar Synte7 2td% ;9e7tile Mills<" Bhiwani

CO CO CO CO- -- -ORDINATOR ORDINATOR ORDINATOR ORDINATOR
DR0 BHAVET
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana

ADVISORS ADVISORS ADVISORS ADVISORS
PROF0 M0 S0 SENAM RAJU
Director A% )% D%" School of Mana#e0ent Studies" I%%$%O%4%" $ew Delhi
PROF0 M0 N0 SHARMA
)hair0an" M%B%A%" +aryana )olle#e of 9echnolo#y 8 Mana#e0ent" =aithal
PROF0 S0 L0 MAHANDRU
Principal ;Retd%<" Mahara1a A#rasen )olle#e" Ja#adhri

EDITOR EDITOR EDITOR EDITOR
PROF0 R0 !0 SHARMA
Dean ;Acade0ics<" 9ecnia Institute of Advanced Studies" Delhi

CO CO CO CO- -- -EDITO EDITO EDITO EDITOR RR R
DR0 SAMBHAV GARG
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana

EDITORIAL ADVISORY BOARD EDITORIAL ADVISORY BOARD EDITORIAL ADVISORY BOARD EDITORIAL ADVISORY BOARD
DR0 AMBI!A ZUTSHI
!aculty" School of Mana#e0ent 8 Mar:etin#" Dea:in 4niversity" Australia
DR0 VIVE! NATRAJAN
!aculty" 2o0ar 4niversity" 4%S%A%
DR0 RAJESH MODI
!aculty" /anbu Industrial )olle#e" =in#do0 of Saudi Arabia
PROF0 SI!ANDER !UMAR
)hair0an" Depart0ent of 6cono0ics" +i0achal Pradesh 4niversity" Shi0la" +i0achal Pradesh
PROF0 SANJIV MITTAL
4niversity School of Mana#e0ent Studies" uru obind Sin#h I% P% 4niversity" Delhi
PROF0 RAJENDER GUPTA
)onvener" Board of Studies in 6cono0ics" 4niversity of Ja00u" Ja00u

VOLUME NO. 1 (2011), ISSUE NO. 4 (AUGUST) ISSN 2231-4245
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, ECONOMICS ( MANAGEMENT
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
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PROF0 NAWAB ALI !HAN
Depart0ent of )o00erce" Ali#arh Musli0 4niversity" Ali#arh" 4%P%
PROF0 S0 P0 TIWARI
Depart0ent of 6cono0ics 8 Rural Develop0ent" Dr% Ra0 Manohar 2ohia Avadh 4niversity" !ai*abad
DR0 ASHO! !UMAR CHAUHAN
Reader" Depart0ent of 6cono0ics" =uru:shetra 4niversity" =uru:shetra
DR0 SAMBHAVNA
!aculty" I%I%9%M%" Delhi
DR0 MOHENDER !UMAR GUPTA
Associate Professor" P% J% 2% $% overn0ent )olle#e" !aridabad
DR0 VIVE! CHAWLA
Associate Professor" =uru:shetra 4niversity" =uru:shetra
DR0 SHIVA!UMAR DEENE
Asst% Professor" overn0ent !% % )olle#e )hit#uppa" Bidar" =arnata:a

ASSOCIATE EDITORS ASSOCIATE EDITORS ASSOCIATE EDITORS ASSOCIATE EDITORS
PROF0 ABHAY BANSAL
+ead" Depart0ent of Infor0ation 9echnolo#y" A0ity School of 6n#ineerin# 8 9echnolo#y" A0ity 4niversity" $oida
PARVEEN !HURANA
Associate Professor" Mu:and 2al $ational )olle#e" /a0una $a#ar
SHASHI !HURANA
Associate Professor" S% M% S% =halsa 2ubana irls )olle#e" Barara" A0bala
SUNIL !UMAR !ARWASRA
5ice-Principal" Defence )olle#e of 6ducation" 9ohana" !atehabad
DR0 VI!AS CHOUDHARY
Asst% Professor" $%I%9% ;4niversity<" =uru:shetra

TECHNICAL ADVISORS TECHNICAL ADVISORS TECHNICAL ADVISORS TECHNICAL ADVISORS
AMITA
!aculty" 6%)%)%" Safidon" Jind
MOHITA
!aculty" /a0una Institute of 6n#ineerin# 8 9echnolo#y" 5illa#e adholi" P% O% adhola" /a0unana#ar

FINANCIAL ADVISORS FINANCIAL ADVISORS FINANCIAL ADVISORS FINANCIAL ADVISORS
DIC!IN GOYAL
Advocate 8 9a7 Adviser" Panch:ula
NEENA
Invest0ent )onsultant" )ha0ba#hat" Solan" +i0achal Pradesh

LEGAL ADVISORS LEGAL ADVISORS LEGAL ADVISORS LEGAL ADVISORS
JITENDER S0 CHAHAL
Advocate" Pun1ab 8 +aryana +i#h )ourt" )handi#arh 4%9%
CHANDER BHUSHAN SHARMA
Advocate 8 )onsultant" District )ourts" /a0unana#ar at Ja#adhri

SUPERINTENDENT SUPERINTENDENT SUPERINTENDENT SUPERINTENDENT
SURENDER !UMAR POONIA
VOLUME NO. 1 (2011), ISSUE NO. 4 (AUGUST) ISSN 2231-4245
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, ECONOMICS ( MANAGEMENT
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CALL FOR MANUSCRIPTS CALL FOR MANUSCRIPTS CALL FOR MANUSCRIPTS CALL FOR MANUSCRIPTS
>e invite unpublished novel" ori#inal" e0pirical and hi#h ?uality research wor: pertainin# to recent develop0ents 8 practices in
the area of )o0puter" Business" !inance" Mar:etin#" +u0an Resource Mana#e0ent" eneral Mana#e0ent" Ban:in#" Insurance"
)orporate overnance and e0er#in# paradi#0s in allied sub1ects li:e Accountin# 6ducation@ Accountin# Infor0ation Syste0s@
Accountin# 9heory 8 Practice@ Auditin#@ Behavioral Accountin#@ Behavioral 6cono0ics@ )orporate !inance@ )ost Accountin#@
6cono0etrics@ 6cono0ic Develop0ent@ 6cono0ic +istory@ !inancial Institutions 8 Mar:ets@ !inancial Services@ !iscal Policy@
overn0ent 8 $on Profit Accountin#@ Industrial Or#ani*ation@ International 6cono0ics 8 9rade@ International !inance@ Macro
6cono0ics@ Micro 6cono0ics@ Monetary Policy@ Portfolio 8 Security Analysis@ Public Policy 6cono0ics@ Real 6state@ Re#ional
6cono0ics@ 9a7 Accountin#@ Advertisin# 8 Pro0otion Mana#e0ent@ Business 6ducation@ Business Infor0ation Syste0s ;MIS<@
Business 2aw" Public Responsibility 8 6thics@ )o00unication@ Direct Mar:etin#@ 6-)o00erce@ lobal Business@ +ealth )are
Ad0inistration@ 2abor Relations 8 +u0an Resource Mana#e0ent@ Mar:etin# Research@ Mar:etin# 9heory 8 Applications@ $on-
Profit Or#ani*ations@ Office Ad0inistrationAMana#e0ent@ Operations ResearchAStatistics@ Or#ani*ational Behavior 8 9heory@
Or#ani*ational Develop0ent@ ProductionAOperations@ Public Ad0inistration@ Purchasin#AMaterials Mana#e0ent@ Retailin#@
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VOLUME NO. 1 (2011), ISSUE NO. 4 (AUGUST) ISSN 2231-4245
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, ECONOMICS ( MANAGEMENT
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Shar0a 9%" =watra" % ;E''G< 6ffectiveness of Social Advertisin#B A Study of Selected )a0pai#ns" )orporate Social Responsibility" 6dited by David
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JOURNAL AND OTHER ARTICLES
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ar# Sa0bhav ;E'&&<B KBusiness 6thicsK Paper presented at the Annual International )onference for the All India Mana#e0ent Association" $ew
Delhi" India" &J,EE June%
UNPUBLISHED DISSERTATIONS AND THESES
=u0ar S% ;E'&&<B K)usto0er 5alueB A )o0parative Study of Rural and 4rban )usto0ers"K 9hesis" =uru:shetra 4niversity" =uru:shetra%
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ar#" Bhavet ;E'&&<B 9owards a $ew $atural as Policy" 6cono0ic and Political >ee:ly" 5iewed on July '." E'&& httpBAAepw%inAuserAviewabstract%1sp
VOLUME NO. 1 (2011), ISSUE NO. 4 (AUGUST) ISSN 2231-4245
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, ECONOMICS ( MANAGEMENT
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
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IE
INVESTMENT PROCESS OF VENTURE CAPITAL: AN EPLANATORY STUDY OF ANDHRA PRADESH
INDUSTRIAL DEVELOPMENT CORPORATION VENTURE CAPITAL LIMITED -APIDC-VCL.

DR. A. AMRUTH PRASAD REDDY
ASST. PROFESSOR
DEPARTMENT OF BUSINESS ADMINISTRATION
YOGI VEMANA UNIVERSITY
KADAPA 516 003

DR. S. RAGHUNATHA REDDY
ASSOCIATE PROFESSOR
KANDULA SCHOOL OF MANAGEMENT
KSRMCE CAMPUS, KADAPA 516 003

ABSTRACT
It ! " #$%%&'()#( *"+t t,"t !$-$."% /.%%"(t 0$"! t) #).' )( "(0 1.)+$!!$! 0$-$%)1$0 ( %"/)."t).$! +"(()t /$ 12t (t) +)33$.+"% )1$."t)( )( "++)2(t )* #"(t
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0$%-$.(4 !21$.). .$t2.(! t) t,$ (-$!t).! /5 +.$"t(4 -"%2$ ( "%% (-$!t3$(t %*$ !t"4$!7 0$"% !)2.+(4, 0$"% "("%5!!, 02$ 0%4$(+$, 0$"% !t.2+t2.(4 "(0
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!EYWORDS
Deal analysis" Deal sourcin#" Deal structurin# and invest0ent" Due dili#ence" 67it " Monitorin#" and 5enture capital%

INTRODUCTION
t is a well-:nown fact that several brilliant ideas to wor: on and processes developed in laboratories cannot be put into co00ercial operation on account
of want of funds% $o traditional financier would co0e forward to financin# these institutions% 9he financial institutions have a bias for forei#n technolo#y
and they do not believe the ability of the local entrepreneurs% =ul:arni" in his article Lventure capital and its relevance in IndiaF" ri#htly pointed out the
reluctance of the traditional financial institutions in fundin# innovative entrepreneurs% In such a situation venture capital assu0es considerable si#nificance%
5enture financin# acts not only as a financial catalyst but also provides a stron# i0petus by for entrepreneurs to develop products involvin# newer technolo#ies
and co00erciali*e the0%
9he venture capital 0ay be defined as invest0ent infused in the business in the for0 of e?uity" ?uasi-e?uity or conditional loan 0ade in new" untested and hi#h
ris:y or hi#h technolo#y fir0s but with hi#h potential for #rowth and profits% !or ta:in# such trouble and the ris:y business the Kan#elK financier hopes to end up
with his pot of #old% 9his return is #enerally earned when the venture capitalist Ke7itsK by sellin# its shareholdin#%
Andhra Pradesh Industrial Develop0ent )orporation 5enture )apital 2i0ited ;APID)-5)2< is a fully owned underta:in# of Andhra Pradesh ;AP< #overn0ent was
established in &JJ' with the overall ob1ective of servin# as a special a#ency for planned industriali*ation of AP% APID)-5)2" initially pro0oted in &JGJ by Andhra
Pradesh Industrial Develop0ent )orporation ;APID)<" is considered as a leadin# develop0entalAventure finance #overn0ent underta:in# in India% 9he approval
of the #overn0ent of India to co00ence operations was accorded in April" &JJ'% But" in &JJ( it was privati*ed and Dyna0 5enture 6ast Private 2i0ited ;D56P2<
was awarded control of APID)-5)2 after a co0petitive selection process and it beca0e the IndiaMs first public-private venture capital co0pany% Since then" it
beca0e a 1oint venture underta:in# wherein .& per cent e?uity of APID)-5)2 is held by D56P2" while the rest (J per cent by APID)%

REVIEW OF LITERATURE
9he sta#es in the venture capital fundin#" assess0ent and 0onitorin# process have been analysed in a nu0ber of studies such as By#rave and 9i00ons" &JJE@
!ried and +isrich" &JJ(@ MacMillan" et%al%" &JG.@ 9yeb1ee and Bruno" &JJ(@ and Sweetin#" &JJ&% 9hese sta#es have been identified fro0 direct analysis of the
operation of venture capitalist3s and have been based on approaches which have sou#ht to develop an understandin# of what it is that venture capitalists do%
Identification of these sta#es helps to hi#hli#ht the inter-lin:a#es between the0%

NEED FOR THE STUDY
As beco0es clear in what follows" however" the #reater body of research has tended to focus on issues raised by individual sta#es% 9here is a clear #ap in the
literature to date has been the failure to reco#ni*e the dyna0ic nature of the process of venture capital financin#% In fact" there is a need to conduct an in-depth
study on venture capital process% +ence" the present study" LInvest0ent Process of 5enture )apitalB An 67planatory Study of APID)-5)2" +yderabadF" is an
atte0pt in this direction%

OBJECTIVES OF THE STUDY
9he study was conducted by ta:in# the followin# ob1ectives into considerationB
&% to understandin# the conceptual view of venture capital@
E% to analyse the process of venture capital fundin# in APID)-5)2@ and
-% to find the drawbac:s and to offer appropriate 0easures%

DATA COLLECTION
9he study was based on both pri0ary and secondary data% 9he pri0ary data was collected by 0a:in# interactions with the officials of the APID)-5)2" the
observation of the wor:in#" and fro0 the internal records% 9he secondary data was collected fro0 the records of APID)-5)2" periodicals" 1ournals and news
papers% 9he data drawn were analysed with the help of dia#ra0s%
I
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PROCESS OF VENTURE CAPITAL IN APIDC-VCL
5enture )apital is basically a relationship a0on# three 0a1or participantsB investors" venture capitalists ;5)s< and entrepreneurs% Investors , financial
institutions" ban:s" insurance co0panies" pension funds" an#el investors" $RIs , )ontribute to the pool of funds% !unds thus pooled fro0 various investors are
invested in business opportunities by 5)s% 6ntrepreneurial tea0s that supply business opportunities to 5)s are central players in venture capital process% It is the
invest0ent 0ana#er who ai0s at deliverin# superior returns to the investors by creatin# value in all invest0ent life sta#esB deal sourcin#" deal analysis" due
dili#ence" deal structurin# and invest0ent" 0onitorin#" and e7itin#% 9he overall venture capital process of APID)-5)2 at a snapshot is depicted by the followin#
!i#ure-&B
FIGURE - 1: VENTURE CAPITAL PROCESS OF APIDC-VCL















S9B;<7B !ield data
A brief su00ary of each of these sta#es of the process is #iven belowB

FUND RAISING AND INVESTOR RELATIONS
It is pri0ary sta#e of venture capital process in which funds fro0 various sources are raised fro0 ti0e to ti0e for investin# the sa0e in the attractive business
opportunities%
DEAL SOURCING
5enture capitalists to be destination sources of capital 0ust learn to co0pete for the best deals% APID)-5)2 pro-actively identifies both new invest0ent pro1ects
and entrepreneurial tea0s throu#h e7tensive lin:a#es with financial and technical institutes in India" e7patriate Indian alliances in the >estern >orld% In the
fi#ure-E below syste0 overview of deal sourcin# of APID)-5)2 is presented%

FIGURE-2: DEAL SOURCING IN APIDC-VCL: SYSTEMS OVERVIEW










S9B;<7B !ield data
Deal #eneration is 0ulti-sourced% Senior 0ana#e0ent is actually involved in it by networ:in# with prospective entrepreneurs as well as financial
institutions" ban:s" and others%
Business analysts in venture capital co0pany underta:e business develop0ent for deal sourcin#%
Ma1or alternative source for deal #eneration is infor0al channels such as e-0ails%
Deals havin# been #enerated pass throu#h deal scrutiny% In this sub-sta#e the salient features of the proposal are recorded" analysed for further
processin#%
6nd-result of deal sourcin# process is deal lo# or deal su00ary which is a 0echanis0 that per0its the #eneral partners to scan the co#ent ele0ents of a
lar#e nu0ber of business plans in a relatively short period of ti0e%

DEAL ANALYSIS
5enture capital is a financial service industry and venture capital fir0s operate with a s0all contin#ency of staff who is :nowled#e e0ployees% 9hey are en#a#ed
in the deal analysis which precedes in-depth analysis" which saves on ti0e" cost and effort% !i#ure-- presents deal analysis%

FIGURE-3: DEAL ANALYSIS IN APIDC-VCL













S9B;<7: !ield data
Deal Sourcing
Deal Analysis
Due Diligence
Deal Structuring &
Investment
Monitoring
Exit
Fund raising and
investor relations
Deal scrutiny
Senior
Management
Mails and
Other Sources
Proactive
Calls
Deal log
Communication
of reection to the
entre!reneur
Is the !ro!osal
attractive for
funding
Communitation to
the entre!reneur
for further
!rocessing
"o
#es
Deal log
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Deals havin# been lo##ed" are considered for further processin#%
9he tea0 analyses the attractiveness of the deal" and decides whether the proposal should be ta:en-up for further processin# and eventual invest0ent%
If proposal is accepted in this sta#e" the entrepreneur is invited for further presentation or if re1ected" it is co00unicated to the entrepreneur%
AREAS OF CONCERN
Initial scrutiny of the proposals received is not syste0atically done%
Sta#e of pro#ress in processin# of proposals is not co00unicated to entrepreneurs%
9i0e li0it is not in the syste0 either for consideration or re1ection of the proposal%

DUE DILIGENCE
Once the proposal passes throu#h initial screenin#" it is sub1ected to due dili#ence process which is a ri#orous analysis" and investi#ation into" the deals received
by venture capitalists% Due dili#ence analysis e7a0ines the enterprise" entrepreneurial talent" the productAs or serviceAs" and the chances of 0ar:et success% It is
ti0e-consu0in# process" runnin# into several wee:s" so0eti0es 0onths% It involves verifications" references" bac:-#round chec:s on 0ana#e0ent" 0ar:et
potential of the productAs or serviceAs throu#h syste0atic study of suppliers" custo0ers" co0petitors% 9he process of due dili#ence is shown in fi#ure-(%

FIGURE-": DIAGRAMATIC PRESENTATION OF THE DUE DILIGENCE PROCESS
























































PROCEDURAL STEPS IN THE DUE DILIGENCE PROCESS ARE AS FOLLOWS
Startin# point in due dili#ence is presentations by entrepreneurs%
Subse?uent to the presentation" the entrepreneur is re?uired to sub0it a detailed business plan%
$as all information
!rovided %y the client to
the satisfaction of the
analyst & have all dou%ts
%een deared
Call for internal
meeting
Meeting & Corres!ond
ence 'ith
entre!reneur
Presentation %y
the entre!reneur
Su%mission of
detailed %usiness
!lan
Does the analyst have
dou%ts & remar(s on any
as!ect of the %usiness
Meeting & Corres!ond
ence 'ith senior
management and
ex!erts
"o
#es
"o
#es
Analysis of
the !lan
#es
"o
Internal Meeting
Does the internal meeting
give a favora%le res!onse
to the !ro!osal
Communicate the
reection to
entre!reneur
Draft Due diligence
re!ort
Issue )etter of
interest& Mo* to
entre!reneur
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)oncerned business analyst studies deeply the business plan so as to understand entrepreneur3s business%
Business analyst 0eetsAcorresponds with the entrepreneur" see:in# infor0ation till he satisfies hi0self with all aspects of business%
9o clarify his doubts on various aspects of business" business analyst also see:s #uidance fro0 the senior 0ana#e0ent and advice the0 the industrial
e7perts%
Internal assess0ent co0pleted" the senior 0ana#e0ent and business analyst tea0 ta:e a final view as to whether the proposal has any pitfalls or should
be ta:en-up for invest0ent%
On a favorable outco0e of the 0eetin#" a letter of interest is issued to the entrepreneur" and due dili#ence report is drafted by the concerned business
analyst%
AREAS OF CONCERN
Proceedin#s of the 0eetin#s with the entrepreneur and his tea0 durin# the due dili#ence process are recorded in individualistic 0ethodsAstyles of the
respective business analysts%
Minutes of internal 0eetin# and of 0eetin#s with e7perts and reasons for re1ection of proposal" are not properly recorded%

DEAL STRUCTURING AND INVESTMENT
5enture havin# been evaluation as viable" the venture capitalist and investee co0pany are en#a#ed in ne#otiation to stri:e the deal and deter0ine its ter0s vi*%"
the a0ount" for0 and price of the invest0ent% 9his process is shown in fi#ure-.%

FIGURE-$: DEAL STRUCTURING AND INVESTMENT IN APIDC-VCL





































SourceB !ield Data
9a:in# into consideration the su00ary of the internal 0eetin# and the due dili#ence report" the senior 0ana#e0ent decides the ter0-sheet of the
invest0ent%
Subse?uently the co0pany presents its due dili#ence report and proposed ter0-sheet to the invest0ent co00ittee for its deliberation and approval%
Proposal havin# been cleared by the invest0ent co00ittee" it is put up to the board for its final approval%
After the board3s approval" the invest0ent is 0ade by the co0panyAventure capital fund into the pro1ectAenterprise under consideration%
9er0-sheet" 0inutes of invest0ent co00ittee and board are i0portant docu0ents in the process%
AREA OF CONCERN
9he pro1ect i0ple0entation schedule of the prospective portfolio enterprise does not for0 part of the deal a#ree0ents%

MONITORING OF PORTFOLIO ENTERPRISES
9he purpose of this sta#e is to avoid losses by seein# red fla#s well in advance that si#nal and warn i0pendin# dan#ers% CMonitorin#3 refers to the collection and
use of specific infor0ation by 0ana#e0ent co00ittee on critical events associated with pro1ect operation" while the Cnurturin#3 is a co0prehensive ter0 that
enco0passes provision of #uidance and s:ills for the 0ana#e0ent of the venture% In fi#ure-H is shown the 0onitorin# process in APID)-5)2%


Are there any
suggested
changes &
concerns for
revie'
+oard meeting
Senior management
meeting
Investment
committee meeting
Investment
!rocess
"o
#es
Draft
term
sheet
Meeting 'ith
!romoter& revie' of
Internal assessment
$as the
investment
committee
cleared the
!ro!osal
Minutes
$as the +oard
cleared the
!ro!osal
Communicate the
reection to !romoter
"o
"o
#es
Minutes
#es
Signing of
investment
agreements
,elease of funds
Investment agreement
+uy%ac( agreement
Pledge of shares
*nderta(ing from !romoters
"on-dis!osal of shares
Disinvestment agreement
Deed of hy!othecation
Accounting records
+an( records
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FIGURE-6: MONITORING PROCESS IN APIDC-VCL

S9B;<7: !ield data

Monitorin# is underta:en" ta:in# into account the conditions of the deal" tar#ets a#reed to in the various a#ree0ents" co0pliance to statutes applicable to
the respective portfolio enterprises%
It specifically loo:s at the co0pany perfor0ance" focusin# on its operations" finances" attain0ent of tar#ets a#reed upon" and le#al co0pliance%
Business analysts place re?uisitions for infor0ation fro0 portfolio enterprises so as to 0onitor the latter3s pro#ress%
On non-receipt of infor0ation" re?uisitions are repeated with re0inders%
Received infor0ation is recorded and stored in the co0pany%
Senior 0ana#e0ent and analysts attend re#ularly 0eetin#s with portfolio co0panies%
AREAS OF CONCERN
Syste0atic 0onitorin# is absent%
Pro#ress fro0 0eetin# to 0eetin# with Portfolio )o0pany is not recorded and analy*ed%
)ollection of re?uisite infor0ation fro0 Portfolio )o0pany is found difficult%
6ffective interaction between senior 0ana#e0ent and business analysts is lac:in#%
EIT
Asset 0ana#er wor:s with the portfolio co0pany to create 0ar:et value for the latter by ta:in# it to the public in the 0ost profitable 0anner% 9he portfolio
co0pany can obtain hi#h valuations by sellin# a partial sta:e to a lar#er co0pany havin# syner#y with the for0er% 9ypically" such sales are not preferred by the
pro0oterAentrepreneur% Asset 0ana#er sets the initial e7pectations ri#ht on the value of offered sta:e and proceeds in a 0anner a0icable to the
pro0oterAentrepreneur% !i#ure-I shows the e7it process in APID)-5)2%

FIGURE-&: EIT PROCESS OF APIDC-VCL


















S9B;<7: !ield data
9he pri0ary ob1ective of 5enture )apital )o0pany is to invest in attractive business ventures e7it with hi#h returns%
+i#h return-#eneration e7its would allow venture capital co0pany to provide attractive returns to the investors%
67it decision is a critical one ta:en by senior 0ana#e0ent" ta:in# into account the 0ar:et and industry conditions and ti0e-fra0e of invest0ent%
4sually for0s of e7it are initial public offer ;IPO<" strate#ic sale or 0er#ers and ac?uisitions ;M8As<%
It is the senior 0ana#e0ent that ta:es infor0ed decision on the ti0in# and 0ode of e7it%
9he senior 0ana#e0ent tea0 0eets with portfolio co0pany to ta:e their latter3s consent for the e7it decision by the for0er%
Place re.uisition see(ing
information for monitoring
!erformance
$as all the
information
re.uested/
%een received
,ecord and store
the information
"o
#es
Attend %oard
meetings of !ortfolio
com!anies
Senior management
meeting for exit
decision
Meeting 'ith !ortfolio
com!any
Is the Portfolio
com!any a%le to
!rovide exit to the
0C
Meeting 'ith
investment %an(ers/
strategic investors
Com!lete exit
formalities
"o
#es
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Portfolio co0pany failin# to provide e7it to the venture capital co0pany at the re?uired rates of return" the latter e7plores alternative e7it routes as per
the invest0ent a#ree0ent%
AREA OF CONCERN
Pro-active analysis of sectors the portfolio co0panies are operatin# in" is not done%

FINDINGS OF THE STUDY
DEAL SOURCING
9he Source of deal #eneration is not recorded%
S:etchy deal lo#%
9here is no defined process of evaluatin# proposals in the be#innin#%
Deal sourcin# of APID)-5)2 proactively identifies both new invest0ent pro1ects and entrepreneurial tea0s throu#h its e7tensive social networ:s%
DEAL ANALYSIS
9here is no syste0atic initial scrutiny of the proposal%
2ac: of co00unication about the sta#e of pro#ress to the entrepreneur@ and
9here is no specific ti0e li0it for co00unicatin# acceptance or re1ection of the proposal%
DUE DILIGENCE
Meetin#s of the due dili#ence process are not recorded%
Recordin# of internal 0eetin#s were not ta:en place%
Reasons for re1ectin# proposals are not specified%
Industry or sector studiesAreports are not available%
DEAL STRUCTURING AND INVESTMENT
Senior 0ana#e0ent 0eetin#s are not recorded%
I0ple0entation schedule of a proposal" post-invest0ent is not for0in# part of a#ree0ent and it is not 0onitored%
MONITORING PORTFOLIO ENTERPRISES
Absence of syste0atic 0onitorin#%
$ot recordin# and analy*in# 0eetin#-to-0eetin# pro#ress with portfolio enterprises%
$ot collected re?uisite infor0ation fro0 portfolio enterprises%
2ac: of effective interaction between senior 0ana#e0ent and business analyst%
EIT
2ac: of pro-active analysis of sectors" the portfolio enterprise are operatin# in%

SUGGESTIONS
Since 0onitorin# of portfolio enterprises is wea:" corporate #overnance practices should be instituted in APID)-5)2 to i0prove its overall nurturin# and
0onitorin# practices with re#ard to portfolio enterprises%
APID)-5)2 should adopt business analyst-initiated pro-active approach of see:in# the new ventures for venture fundin#" as a#ainst entrepreneur-initiated
re-active approach%
9here should be proper recordin# of the proceedin#s of first 0eetin# of senior 0ana#e0ent of APID)-5)2 and entrepreneurs%
APID)-5)2 should develop effective two-way co00unication syste0 between it and entrepreneurs to ensure synchroni*e their operations%
Schedule of new pro1ect i0ple0entation of portfolio enterprises should be part of deal a#ree0ent between APID)-5)2 and portfolio enterprises%
APID)-5)2 should evolve 0ana#e0ent infor0ation syste0 ;MIS<" facilitatin# internal inte#ration between senior 0ana#e0ent and business analysts" and
portfolio enterprises%
APID)-5)2 should be pro-active in analy*in# the sectors in which Portfolio 6nterprises are operatin#% 9his pro-active stance enhances the profitable e7it
fro0 the portfolio enterprises%

REFERENCES
&% Bala =rishnan" S%" Cventure financin#3" the 6cono0ic 9i0es" -'
th
June" &JJ'%
E% By#rave D >illia0" 9i00ons A Jeffery" L56$94R6 )API9A2 A9 9+6 )ROSS ROADSF" +arvard Business School Press" Boston" &JJH%
-% !ried" 5ance" +% and +isrich" Robert" D%" L9owards a Model of 5enture )apital Invest0ent Decision-Ma:in#3" !I$A$)IA2 MA$A6M6$9" 5ol%E- ;-<" &JJ(%
(% +arini Mittal" Lfro0 start-up to #rowin# 0aturityF" Indian Mana#e0ent" March" E''H%
.% Ian Mac0illan" Robin Sie#el and P%$% Subba $arasi0ha" L)riteria used by 5enture )apitalists to 6valuate $ew 5enture ProposalsF" JO4R$A2 O! B4SI$6SS
56$94RI$" 5ol%&" &JG.%
H% =oho: $ashi:" M%A%" L!inancial Services in IndiaF" Di#vi1ay Publishers" $ew Delhi" &JJ-%
I% Pandey" I%M%" and Shantanu Dutta" L5enture )apital Develop0ent in IndiaF" PROD4)9I5I9/" 5ol% (' ;-<" Oct-Dec%" &JJJ%
G% Sweetin#" R%)% and >an#" )%!%" LA 4= +ands-off 5enture )apital !ir0 and the +ands of Post-Invest0ent Investor-Investee RelationshipF" JO4R$A2 O!
MA$A6M6$9 S94DI6S" 5ol%I" &JJI%
J% 9yeb1ee" 9%9% and Bruno" A%5%" LA Model of 5enture )apitalists Invest0ent ActivityF" MA$A6M6$9 S)I6$)6" 5ol%-' ;J<" &JG(%
















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